A businessman from Wenzhou, Zhejiang Province, China has acquired Propeller, a UK-based satellite TV station. The deal was brought about by Wen Jiabao's visit to the European Union at the beginning of this year.

Ye Maoxi, the purchaser of Propeller, owns Xijing Group, a business conglomerate whose operations also include mining, real estate, print advertising, manufacturing, and international trade.

Propeller, founded in February of 2006, now broadcasts to over ten European nations. It won "Best Satellite TV Station in Europe" at a conference in Italy last year. However, the current global financial downturn resulted in a lack of capital support from the UK government, which made Propeller turn to investors to finance its operations.